Member Info for Steve4077

Scratch that. There was a small UT of 7k shares at 5.65p. Mostly buying going into close though.

Close was 5.75p. Above is reflecting last trade of the day rather than closing price.

Yes, I agree. If you are going to do a placing, then radio silence for a month seems to be a very strange way to go about it. Plus CB has 22m shares (might be 32m) with options so I doubt he will want dilution any more than the rest of us.

And yes, there was a lot of unsold gold based on the Q4 Manica update. Andy Mills looked into that and I think it was 800+ ounces.

Colin is recovering from a recent illness, according to the one of the moderators on Telegram, so that could be the reason for the recent lack of news, although this is exactly the timeframe he mentioned for talking to AA. I realise am I basing that speculation on the assumption that Colin gave an accurate timescale. :)

If a raise was planned, I suspect we would have lots of interviews and RNS leading up to it. Radio silence for a month suggests the opposite.

CB is always optimistic with his estimated timeframes - we know that by now and have to accept it - but the actual speed of progress for Bushranger, ignoring any estimates, has been very impressive. We only received the licence 18 months ago and we already have 30,0000m of drilling, surveys, open pit models, etc. and over eighty substantive RNS over that period.

Its understandable during periods of quiet to start focusing on delays from years ago and perhaps assuming similar causes, but there is a huge amount of evidence that the company right now is in excellent shape.

https://www.londonstockexchange.com/news-article/AAL/update-on-lbip-permitting-process/15434503

"Anglo American plc ("Anglo American") notes that the Environmental Assessment Service of Chile (SEA) has issued its formal decision (an RCA) to reject the environmental permit application for the Los Bronces Integrated Project (LBIP). The RCA follows SEA's earlier recommendation to reject LBIP's environmental permit application published on 22 April."

"...LBIP represents a multi-billion dollar investment in the future of one of Chile's largest copper mines and is an example of modern mining where the full range of sustainability considerations have been consulted on and designed in from the outset."

I wonder where they could find a large deposit in a much more stable jurisdiction? :)

>> and the application date in 10/01/1970

Someone from the future, knowing what was found, travelling back in time to the 70's to apply for the licence before Colin buys it? :)

A lot of impatient people on here today.

We've had eleven substantive RNS this year- about one every week and a half. Six were assay results, two were drilling updates and the other three were Manica, MIMDAS survey and Metallurgical test work. We aren't exactly starved of news.

There is a lot of news to come, so maybe just wait patiently for potentially multi-bagging updates, rather than getting frustrated and assuming the sky is falling because we have had three weeks without a substantive RNS. The copper doesn't vanish if no one talks about it.

Or to quote Warren Buffet, "the Stock Market is a device for transferring money from the impatient to the patient."

Josemaria was sold four months ago in December 2021 for $483m to Lundin Mining.

SOLG are planning to mine themselves, rather than sell. They also have BHP and Newcrest as major shareholders.

In December 2021, SOLG used 0.16% cut-off for the porvenir deposit in southern Ecuador, which is in a far worse place from an infrastructure capital cost and political risk perspective. Jose Maria Resources used 0.1% CuEq for their MRE for a deposit at 4000m (metres, not feet) in the Andes in Argentina, and that was in Nov 2020 with lower copper prices.

Given Bushranger's location in easily accessible land close to excellent existing infrastructure and a major port, 0.15% should be a shoo-in and 0.1% might be possible.

I originally had the same view as James and Andrew, but a couple of months ago I went through every line of every Manica-related RNS for the last three years and ended up with the same view as Andy Mills. There was a very lengthy discussion on this topic on Telegram which ended with the same conclusion.

That post is from May 2021, so I suspect the cross-ramp recommendations contained within are well out of date.

I think it is a sell. There has been a lot of buying going on today, without it moving up the Ask. That usually means a large sell is being done in the background and will be reported later. The good news is that someone sold 1.5m XTR today (end of tax year so may just need money) and the share price didn't drop, which is a very good sign.

Ah the regular porvenireal drive-by complaint about grades. As his suggestions are always amusing, I had a quick look at the first one.

Xanadu Mines. The mine is in the Mongolian desert - at least that is a change from a South American mountain.

Latest update was about a month ago. "The Indicated Mineral Resources for Kharmagtai total 455 million tonnes grading 0.3% copper and 0.2g/t gold. The Inferred Mineral Resources for Kharmagtai total 664 million tonnes grading 0.3% copper and 0.2g/t gold"
https://www.investi.com.au/api/announcements/xam/5046f6a1-a27.pdf

Being in the middle of a desert brings with it a few minor issues, such as power, transportation and water. The nearest ports, about a thousand miles away, are in China. Also, Mongolia is where one of the world's largest copper mines was held up for nine years because a group of local herders complained about the Rio Tinto mine in 2013. It was resolved this year. Actually, the grades look about the same as Bushranger too.

Bushranger is 150km from Sydney and close to water, power, transportation, accommodation and all the other infrastructure you need for a mine and can be mined an an open pit. I assume that is why you would choose the middle of the Mongolian desert instead.

Of course, you know all that because you'd had the same reply the last dozen times you fixated on grade alone :)

Thanks for the timing. Yes, that is definitely what he said. My understanding was that both companies assess the value and if they don't agree, they can ask for an independent view. Whoever had an original valuation that is furthest from the independent pays the cost of the latter. Perhaps that is what CB means when he says they don't have to accept the valuation. However, based on what he said, your interpretation seems more likely.

There has to be more to it though, otherwise the buyout clause is pointless if XTR can simply ignore it. The June 1st 2020 RNS states "Under the terms the Bushranger Acquisition agreement, if a deposit of greater than 2 million tons of contained Cu equivalent (e.g. 450Mt @ 0.45% Cu equivalent) is ultimately identified, Anglo may buy-back 80% of the Racecourse deposit at fair market value as determined by an Independent Expert in accordance with the JORC and Valmin Code."

It doesn't mention anywhere in that RNS that XTR have an option to ignore the buyback, which surely would constitute material information. If you are reading this Colin, it would be really good to get clarification on this point.

>> CB was pretty clear that we don't need to accept the independent valuation. 17m 45 secs in. He's said this twice, once in another interview.

I must confess I am a little confused on this one too. I don't understand the point of having a buy-out clause if CB can simply reject it. Can you point me to where in the interview he states that - I would trawl through but its an hour long :)

>> Likewise Steve. I understood from your post that you were referring to institutional investors coming on board rather than tiddler PIs

The entire post was: "Seems like a decent RNS. Both holes add extra tonnage with economic grades to the model. As a standalone though, its probably not going to bring in new investors who don't understand the overall context."

I have no idea how you got 'institutional investors' from that post. Maybe to avoid confusion in future, just assume that what I write is actually what I mean :)

Very well spotted Sq52!

@3cardbrag

What I actually said was "its probably not going to bring in new investors who don't understand the overall context.". I didn't mention grades or porphyries.

There have been RNS that did bring in new investors here. I was simply stating this is unlikely to be one of those.

And if you really think that everyone (or even the majority) who invests in small cap miners are from the 'mining community' with 'access to experts', then I have a bridge to sell you.

Seems like a decent RNS. Both holes add extra tonnage with economic grades to the model. As a standalone though, its probably not going to bring in new investors who don't understand the overall context.

https://www.londonstockexchange.com/news-article/XTR/bushranger-project-assay-results/15393076